Cross-industry innovation:
Fin- & InsurTech
Diverse business opportunities

Effective networks›

Bavaria’s established strength in the banking and insurance sector isthe ideal breeding ground for cross-industry innovation in the Fin- &InsurTech sector:›Whether you are a start-up, a corporate or an investor, Bavaria’s
larger cities are full of networking opportunities to establish relevantpartnerships.

›It is the leading location for the insurance sector in Germany,with approximately 60,000 employees.

›Since 2017, DIA Digital Insurance Agenda Munich has evolved intothe leading ‘must see’ conference on InsurTech and insurance innovation worldwide.

›It is the second largest German banking center with 98,000
employees state wide, working for 263 cooperative banks, 74
savings banks and 51 private banks.

›A number of accelerator programs offer plenty of networking
opportunities. Many of the major banks and insurance companies
cooperate with these players. For example:››

Fin- & InsurTech in Bavaria is all about combining the best of bothworlds: almost all major banks and insurance companies are collaborating with new start-ups. In the same spirit, in contrast to the earlydays of FinTech, innovative young companies also opt for cooperation rather than competition to build their business.
In this ecosystem, many well known Fin- & InsurTech companies originated in Munich, including Scalable Capital (Personal Finance), treefin(Money Management), Check24 (Money Management), Interhyp(Mortages), Ottonova (Health Insurance), IDnow (Enabling Processesand Technology)›InsurTech Hub Munich is a vibrant ecosystem of start-ups, corporate partners, investors and research institutions initiated bymajor insurance companies. Today, it is part of the nationwide
digital hub initiative. International partners such as Da-ichi Lifeor Microsoft are also working with the initiative.

›Plug&Play, a renowned Silicon Valley accelerator, runs accelerator programs out of Munich with a focus – among others – onInsurTech.

Access to talentGlocal perspectives›

Bavaria is well known for its excellent universities and businessschools: approximately 125,000 (figures winter 2019) young people
are studying to graduate in business, law, IT, mathematics and otherscience programs.

›Bavarian banks and insurance companies have always been run with
global markets in mind – and this has been the source of decades ofsuccessful growth for companies like Allianz or Munich Re. The sameis true for new FinTech business models made in Bavaria.

›In addition, the unique German vocational training and dual study
programmes offer highly specialized on the job training combinedwith academic studies in banking and insurance.

›All major players are also reaching out across borders. For example:››

Allianz X, for example, is the digital investment unit of AllianzGroup working to create a global ecosystem of strategicallyrelevant new companies.

›Munich Re’s partnership with Plug&Play is a great exampleof how global players capitalize the strengths of the local ecosystem to cross-innovate.

A number of academic programs and institutions across Bavaria focus
on developing talent specifically for the industry. For example,›Forum V is a joint initiative of universities, corporates andassociations in North Bavaria that promotes interdisciplinary
education in the insurance sector.

›MRIC Munich Risk and Insurance Center aims to bundle
expertise from LMU insurance scientists and their network tofurther enhance Munich’s visibility as an important insurance
research and teaching location.

›Blockchain is a key supporting technology for FinTech businessmodels. A major underway at the following institutions: Fraunhofer Blockchain Lab Bayreuth, Fraunhofer AISEC Garching, TUM
Blockchain Research Cluster Munich.

›A global perspective is also driven by the venture capital and private
equity scene: Bavaria is its most important German. 50 firms areheadquartered in Munich – many other international and nationalfirms have offices here as well.